Former Adani Contractor Makes Explosive Claims To Court In Hindenburg Saga

In a new development in the Adani Group-Hindenburg Research saga, a former Adani Group contractor has requested the Supreme Court’s permission to intervene in the case.

What Happened: Ajay Kumar Agarwal, previously associated with Adani’s Sarguja Rail Corridor project, has filed an application seeking the court’s permission to intervene in the ongoing Adani Group investigation by the Securities and Exchange Board of India (SEBI), the Economic Times reported.

Agarwal has claimed to be an interested party, having worked for the Adani Group. He believes his experience can aid the Supreme Court in safeguarding investor interests. Agarwal alleges witnessing the transfer of money between Adani subsidiaries during his tenure.

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Agarwal was involved with the Sarguja Rail Corridor Pvt Ltd (SRCPL), a private limited company set up by Adani Group to execute the Sarguja rail corridor project. The project was subcontracted to EBPL Ventures, where Agarwal serves as a director.

The Supreme Court earlier this year ordered SEBI to investigate fraud and stock manipulation allegations against Adani Group by US-based Hindenburg Research. SEBI’s status report on August 25 indicated that the investigation into possible securities laws violations by Adani Group companies was completed.

The Organized Crime and Corruption Reporting Project (OCCRP) has levelled further allegations against the Adani Group, stating that the conglomerate had investments in publicly traded stocks through opaque funds based in Mauritius

The market regulator’s investigation into the allegations came under scrutiny earlier this week after a group of public interest petitioners approached the apex court with alleged evidence of a conflict of interest on SEBI’s part.

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Disclaimer: Artificial intelligence was used as a secondary aid in the writing of this story.

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Posted In: EquitiesGovernmentRegulationsMarketsAdani GroupGautam AdaniHindenburg Research